Ethiopia, KOICA Sign $32mln Grant Agreement

Addis Ababa, March 23, 2021 (Walta) – Ethiopia and the Korea International Cooperation Agency (KOICA) have signed a grant agreement amounting to $32 million for the implementation of three projects.

The agreement was signed by Yasmin Wohabrebbi, Ethiopia’s State Minister of Finance, and Dong Ho Kim, Director of the KOICA Ethiopia office.

The three projects, which focused on improving the rural agricultural value chain, climate-resilient forest restoration, and supporting watershed development will be implemented in the coming five years (2021-2025).

Director of the KOICA, Yasmin said Korea has proved to be a true friend of Ethiopia over the years and added “today’s event also marks hard work and close coordination between the governments of Ethiopia and South Korea.”

The climate-resilient forest and landscape rehabilitation project aims to improve climate resilience and support national green growth which envisioned benefiting 11,100 households, consisting of 55,000 people, according to the Ministry of Finance.

The rural agricultural value-chain improvement project aims to reinforce the agricultural value chain in the Amhara regional state and accelerate the development of a rural economy.

Similarly, the watershed development project will make significant contributions to beautifying Addis Ababa city.